HI SB3059

Clarifies the important agricultural land qualified agricultural cost tax credit under Hawaii Revised Statutes Section 235-110.93(a) by restructuring how the credit percentage and dollar caps are applied.

Year 1 credit: lesser of 25% of qualified agricultural costs incurred after July 1, 2008, or $625,000.

Year 2 credit: lesser of 15% of qualified agricultural costs incurred after July 1, 2008, or $250,000.

Year 3 credit: lesser of 10% of qualified agricultural costs incurred after July 1, 2008, or $125,000.

Applies to taxable years beginning after July 1, 2008, and allows taxpayers to claim credits in consecutive or non-consecutive years until exhausted.